Oil Trader Mercuria Sees Global Oil Stocks Drawing Fast

Oil trading house Mercuria expects global oil stocks to start drawing down at a pace of around 2 million barrels per day (bpd) beginning in July, thanks to the eased lockdowns around the world. Currently, there is an 800-million-barrel surplus on the market compared to last year, Mercuria’s chief executive officer Marco Dunand told a webinar organized by Reuters on Wednesday. According to the top executive at one of the largest oil traders in the world, $40 a barrel oil – roughly the level at which oil traded early on Wednesday…